TORONTO--(BUSINESS WIRE)--
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”)
provided a corporate update and announced today the filing of its
unaudited interim condensed consolidated financial statements as at and
for the three months ended March 31, 2018 (the “Q1 Financials”), and the
Management’s Discussion & Analysis related thereto (the “Q1 MD&A”),
which are available on SEDAR and at www.aldridgeminerals.ca.
All dollar amounts, unless otherwise indicated, are reported in U.S.
dollars.

Highlights

Capital Markets - Capital markets for the junior mining
sector continue to be challenging in 2018, as the Company pursues
financing alternatives to address its liquidity needs, including
refinancing or extending its $40,000,000 debt facility that matures in
September 2018. The Company has initiated discussions with Banka
Kombetare Tregtare sh.a. (“BKT”) with an objective of extending the
maturity date.

Metal Prices - Improved metal prices have reflected positively
on the financial metrics of the project.

Land Access - In January 2018, the Company successfully
completed the private land acquisition process, resulting in ownership
and/or treasury land access of 99.5% of the 9,495,649 m2
project area.

Pasture Land Approval Outstanding - The application to convert
the remaining 48,338 m2 of pasture land (0.5% of the
project area) to treasury land awaits government approval. The Company
continues to work with the applicable government departments to
advance the application approval process.

Working Capital Deficit - At March 31, 2018, the Company’s
working capital deficit (non-GAAP measure equal to current assets less
current liabilities) was approximately $48,042,323 primarily due to
the September 16, 2018 maturity date of the debt facility
($38,049,985) from BKT and the due dates of deferred land payments
($11,081,095).

Cash Resources – At March 31, 2018, available cash totaled
$1,947,985. Cash resources include cash and cash equivalents, plus
restricted cash of $200,000, which related to an unused foreign
exchange credit facility that was cancelled on May 1, 2018, thereby
releasing the cash security to the Company.

Strategy and Outlook

The Company’s short-term focus continues to be on obtaining additional
financing to fund the Company’s working capital requirements, extending
the maturity date of, or refinancing, the BKT Credit Facility, and/or
completing a strategic transaction to address its near-term liquidity
challenge and to maximize value for Aldridge shareholders.

The Board’s Independent Committee, which was formed in Q1 2018 to
facilitate and lead the liquidity and strategic alternatives review, is
exploring financing and other alternatives to address the Company’s
liquidity challenges. The Independent Committee’s independent and
disinterested directors will evaluate all potential transactions that
may develop or are received by the Company. The Company does not intend
to periodically or otherwise disclose developments with respect to the
strategic alternatives review process unless the Board has approved a
specific transaction or action plan, except as required by applicable
law.

The measures taken by the Board to reduce the Company’s operating
expenses have been implemented and will continue to be closely managed
by the executive team.

The Board cautions the Company's shareholders and others considering
trading in the Company's securities that there can be no assurance that
the strategic alternatives review will result in a transaction or, if a
transaction is undertaken, as to its terms or timing or that it will be
consummated. In particular, the Company estimates, that, without
additional financing, its present cash resources will be depleted by the
maturity date of the BKT Credit Facility in September 2018. The Company
does not currently have any source of capital other than additional debt
or potential equity financings and there can be no assurance that any
such financing will be available, or that the Company will be successful
in re-financing the indebtedness owing under, or extending the maturity
date of, the BKT Credit Facility, on acceptable terms or at all. The
Company’s obligations under the BKT Credit Facility are secured by
conventional security, including a pledge of all of the shares of the
Company’s subsidiary in Turkey that owns or has the right to use the
land on which the Company’s Yenipazar Project is located and a mortgage
of the subsidiary’s mining license for the Yenipazar Project.

Selected Financial InformationThe
following table provides selected consolidated financial information
that should be read in conjunction with the Q1 2018 Financial Statements
of the Company.

THREE MONTHS

THREE MONTHS

YEAR ENDED

ENDED AND AS AT

ENDED AND AS AT

AND AS AT

MARCH 31,

MARCH 31,

DECEMBER 31,

2018

2017

2017

Loss before income tax and

discontinued operations

$

(669,030)

$

(622,024)

$

(2,308,415)

Net loss

(669,030)

(622,024)

(2,308,415)

Net loss per share

(0.01)

(0.01)

(0.02)

Cash and cash equivalents

1,747,985

1,581,296

2,551,079

Working capital(i)

(48,042,323)

1,111,168

(45,107,450)

Total assets

59,764,693

52,582,304

59,235,081

Total non-current liabilities(ii)

175,200

44,377,823

1,112,873

(i) Working capital equals current assets less current liabilities,
and is a non-GAAP measure used by management.(ii) Total
non-current liabilities exclude deferred revenue and environmental
rehabilitation provision

About Aldridge

Aldridge is a development-stage mining company focused on its wholly
owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver,
Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar
Optimization Study and filed the related NI 43-101 compliant technical
report in May 2014, which updated the original May 2013 Feasibility
Study. The Optimization Study demonstrated that the Yenipazar Project is
highly robust with an after-tax NPV of US$330 million at a 7% discount
rate and an after-tax IRR of approximately 32%. The Company is currently
advancing the Yenipazar Project on key aspects including land
acquisition and financing.

Caution Regarding Forward-Looking Information

This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from those
expressed in such forward-looking statements. When used in this press
release, words such as “proposed”, “may”, “would”, “could”, “will”,
“expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and
other similar expressions are intended to identify forward-looking
statements. Such risks, uncertainties and factors, include, but are not
limited to, the ability of the Company to raise additional debt, equity
or other financing on acceptable terms or at all; the ability of the
Company to pay its outstanding debts when due, including its secured
term credit facility, which matures on September 16, 2018; the risk that
the Company’s failure to raise additional capital, re-finance its
existing secured indebtedness and satisfy the Company’s obligations to
its creditors when due will have a material adverse effect on the
Company’s liquidity, capital resources, results of operations, assets,
properties and prospects, and its ability to retain control of, and
otherwise advance the development of, its Yenipazar Project in Turkey,
including as a result of the possible acceleration of the Company’s
secured indebtedness upon maturity and the exercise by the Company’s
lenders of remedies under security granted by the Company for its
obligations under that indebtedness; economic performance; mineral
prices; the future plans and objectives of the Company; and the other
factors discussed under the heading “Risk Factors” in the Company’s
Management’s Discussion and Analysis for the year ended December 31,
2017 and in other continuous disclosure filings made by the Company with
Canadian securities regulatory authorities and available at www.sedar.com.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results.

Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but which
may prove to be incorrect, including, but not limited to, assumptions in
connection with the continuance of Aldridge and its subsidiaries as a
going concern, general economic, political and market conditions,
mineral prices, and the accuracy of mineral resource estimates. Although
Aldridge believes that the assumptions and factors used in making the
forward-looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur in
the disclosed time frames or at all. Aldridge disclaims any intention or
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise unless required
by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release.